Besides fulfilling their desire to do good works in their communities and giving being an essential part of being wealthy for many, are there more tangible benefits for NFL players (and professional athletes in general) to establish charitable foundations?
Are there significant tax benefits involved? Obviously there are some material advantages as almost every player has one. I'm almost certain they are all receiving similar professional advice on how and why to set up these charities. And I'm sure they probably have a team of "approved vendors" who set up these charities for them and operate them (for a small fee).
Also, during the election it came to light that both presidential candidates also had 501(c)(3) charitable foundations as well.
Can someone please explain, explicate and elucidate this phenomenon for the rest of us?
This question is different. Those questions are about being the giver of charitable donations (i.e., supporting the foundation). This question is about being the receiver of charitable donations. (i.e., creating the foundation).